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Microcap & Penny Stocks : LML Payments Systems, Inc. (LMLP)
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From: Thomas Kirwin6/19/2010 8:23:20 AM
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06/17/10 - Restatement of Previously Reported Consolidated Financial Statements

The Corporation has restated its historical consolidated financial statements as of December 31, 2009, and for the three and nine month periods ended December 31, 2009.

The decision to restate these consolidated financial statements was made by the Corporation’s Audit Committee upon management’s recommendation following the identification of errors related to the Corporation’s calculation of future income tax expense. The general nature and scope of the related errors and adjustments are summarized as follows:

Errors in the recording of future income tax expense — The Corporation identified errors relating to the calculation of the future tax asset balance and corresponding future income tax expense. The Corporation failed to calculate the impact that certain tax planning strategies had on the portion of its future tax assets relating to Canadian non-capital loss carry-forwards. Furthermore, the Corporation also failed to reduce the value of its U.S. federal net operating loss carry-forwards for the effect of licensing revenue generated from its Intellectual Property Licensing (“IPL”) segment. These errors resulted in an overstatement of future tax assets of approximately $1.0 million as of December 31, 2009 and understatement of future income tax expense of approximately $1.0 million for the three and nine months ended December 31, 2009. The following tables present the adjustments due to the restatements of the Corporation’s previously issued unaudited consolidated balance sheet as of December 31, 2009, unaudited consolidated statements of operations for the three and nine month periods ended December 31, 2009, unaudited consolidated statements of comprehensive (loss) income for the three and nine month period ended December 31, 2009 and unaudited consolidated statements of cash flows for the three and nine month period ended December 31, 2009:

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